Jamie Shen was promoted to head of agriculture at PGIM Real Estate, leading the firm's combined debt and equity agriculture platform.
Ms. Shen replaces Jess Jarratt, effective Oct. 1, who will retire at the end of the year.
Ms. Shen will be responsible for client growth and expanding the firm's combined debt and equity agriculture platform, which has $10.5 billion in assets under management. The platform had $3.5 billion in AUM a decade ago.
"We have ambitious plans to grow our agriculture platform, and Jamie's appointment is central to them," said Bryan McDonnell, head of U.S. debt and agriculture and chairman of global debt, in a news release.
The asset class is particularly attractive in the current market environment, said Eric Adler, head of president and CEO of PGIM Real Estate, in an interview. "In a high-inflation period" — which PGIM Real Estate executives believe will not be transitory in terms of months, but rather will be here for years — "agriculture is a classic inflation hedge. You just have to go to the grocery store to see that."
Mr. Adler added: "One of the challenges and opportunities of agriculture in the U.S. is, historically, it is a lot of family-owned farms. The trick is really deal flow."
Ms. Shen is CIO and head of PGIM Real Estate's agriculture equity business. She is taking on the head of agriculture role — expanding her responsibilities to debt — so there is no direct replacement, a spokesman said.
PGIM Real Estate has $207.9 billion in gross assets under management and administration.
